Jonny Matthews | SuperMacro
@super_macro
Daily macro note for serious investors. Ex-Brevan Howard PM (12 yrs). Rates, FX, equities — what the data means and how to trade it. ↓ Free 30-day trial
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US Equity Supply Is Back: Net Issuance Turns Positive After 20 Years
The 20-year shrinkage of US public equity supply is over. Net issuance: +$45bn in Q1, +$152bn in Q2, the largest quarter ever. Anthropic ($100bn), SB Energy ($50bn) and Inspire Brands ($20bn) are still to come. Supply will be a headwind for the S&P 500, or at the very least a tap on the brakes.
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